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Praxis Market Update
Nikos Siakavaras, Praxis Energy Agents S.A.
06 Apr 2017 14:52 GMT





Praxis Energy Agents S.A. logo. Oil moved higher Thursday after earlier losses on U.S. supply concerns. U.S. crude was up 25 cents, or 0.49%, at $51.40 at 08:00 ET. Brent crude added 35 cents, or 0.64%, to $54.71. The Energy Information Administration Wednesday reported an unexpected rise in U.S. crude inventories. U.S. crude stocks rose by 1.57 million barrels in the latest week to a record 535.5 million. U.S. supply has risen by some 9% from mid-2016 to about 9.2 million barrels per day. That has raised doubts about the reach of output cuts by major producers to address a global supply glut. OPEC and nonOPEC producers are cutting output by 1.8 million barrels a day in the first half. The focus now turns to Baker Hughes rig count data due out Friday.

Singapore: Avails are fair. Earliest supply from 10th-11th of April onwards, and according to barge schedule.

Fujairah: Avails are fair. Earliest supply from 9th-10th of April onwards, and according to barge schedule.

Istanbul: Avails are good with earliest delivery dates from 8th of April onwards, and according to barge schedule.


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Company: Praxis Energy Agents S.A.

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